(Last Updated On: January 2, 2020)
In order to be an actuary one is required to pass a series of examinations in order to earn an actuarial designation through the Casualty Actuarial Society or the Society of Actuaries. This could take 6 – 10 years, however, one can start their career as an actuary by passing the first two exams then taking the others as working as actuarial assistants. Here is a list of countries with the highest paid actuaries.
Average Salary – $200,000
According to a study done by Morgan McKinley a part qualified actuary with minimal to no years of experience is expected to earn between €45k – €70k while a qualified actuary with over 10 years experience makes between €150k – €180k.
Average Salary – $188,000
An actuary with 0 – 3 years of experience gets paid an average of 7.3 million JPY and once one is able to gain over 7 years of experience their salary rises to over 21 million JPY.
Average Salary – $180,000
An actuary with decades of experience and full qualifications earns an average of CHF180,000.
4. United States
Average Salary – $172,000
Actuaries employed in the field of casualty insurance have salaries that range from $85,000 to $360,000 based on the level of experience and position in the company. Those who have passed five exams earn $65,000 to $95,000 with just one to three years of passing seven exams. Once one passes all the exams the wages are $72,000 for those with the least experience and $172,000 for those with the most experience.
Average Salary – $165,000
The average permanent salary per annum for a life/non-life actuary with 5 – 9 years experience is between €74k – €125k, 9 – 15 years (€83k – €142k) and those with over 15 years (€106k – €186k).
Average Salary – $150,000
In Australia, the SKL salary survey results unveiled that an actuary 0 – 4 years post qualification makes an average of AU$150,000 and one with 8 – 10 years post qualification makes an average of AU$225,000.
Average Salary – $121,000
An actuary based in France with 6 – 12 years of experience makes between €70k – €100k a year and those with over 12 years experience make over €110k yearly.
Average Salary – $132,000
An actuary based in Munich who is non qualified with over 10 years experience makes around €85,000 while a qualified actuary makes over €130,000.
9. United Kingdom
Average Salary – $115,000
The average starting salaries for graduates ranges between £25,000 – £35,000 depending on location. Those who are newly qualified actuaries in insurance companies can earn between £40,000 and £55,000. Those with 10 – 15 years experience have their salaries ranging between £60,000 – £80,000. Those with over 15 years can earn around £90,000. There are more than 30,000 members of the Institute and Faculty of Actuaries in the UK.
Average Salary – $101,000
The average salary of a new graduate who doesn’t have all the full qualifications is between CA$50,000 – CA$70,000 while one who is a new FCAS with 4 – 10 years of experience is between CA$95,000 – CA$130,000.